ECONOMY

Zero-deficit clause renamed ‘sustainability rule’

zero-deficit-clause-renamed-sustainability-rule

Labor Minister Giorgos Katrougalos has renamed the vilified zero-deficit clause for pension funds the “sustainability rule” and included it in an eight-point plan on social security reform that he submitted to the Economic and Social Committee on Wednesday.

The government also appears determined to buy the time that its creditors are offering it, postponing the voting of the reform in Parliament until mid-January.

In the meantime there will be dialogue with social partners who are members of the committee (the General Confederation of Greek Labor has departed) and the government will seek consultations with experts from opposition parties.

In parallel, there will also be intense negotiations with the creditors’ representatives, so that the reform can go to Parliament as a bill by January 15, 2016.